Koreatown’s Galleria to Be RedevelopedThursday, December 10, 2015
Mid-Wilshire developer Harridge Development Group has purchased Koreatown’s most well-known mall, the Wilshire Galleria, for $49 million with an intention to rebuild it.
Harridge is considering several possible redevelopment ideas for the property, including a mixed-use multifamily development or a mixed-use hotel that also contains residential units, said David Schwartzman, president and chief executive of Harridge.
The Galleria is roughly 50 percent occupied by tenants on mostly month-to-month leases, Schwartzman said. All tenants will have to vacate when their leases are up, except for Nature Spa, which has a longer lease. Harridge will build around the spa.
Harridge paid $353 a square foot for the 138,000-square-foot retail building on 2.1 acres at 3240 Wilshire Blvd. The seller was Mid-Wilshire’s Han Kook Property Management Co., according to CoStar Group Inc.
Johnny Choi of CBRE Group Inc., as well as Curtis Palmer and Anthony Muhlstein of Newmark Grubb Knight Frank represented the buyer and the seller in the Galleria transaction.